Please enjoy this quick update on what happened this week in the housing and financial markets. Panic surrounding spread of the coronavirus and the global economic fallout have stocks plummeting. Investors seeking safe havens have turned to bonds, improving mortgage rates. The 10yr Treasury yield has reached record lows, falling below 1.0% for the first time in history. Markets are now extremely volatile, whipsawing between huge losses and gains. The Fed made an emergency policy rate cut of 0.5% this week. This cut to the Fed funds rate does not bring mortgage rates lower but is supposed to stimulate the economy. ...READ MORE
Are you one of the many millennials who sees your friends and family diving head first into the real estate market and are wondering if now is the time for you to do the same? The “cost of waiting to buy” is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time. Let’s take a look at some predications: Freddie Mac forecasts that interest rates will rise to 3.8% by Q4 2020. In addition, CoreLogic predicts that home prices will appreciate by 5.4% over the next4 12 months! So… perhaps it is time to lose the lease in 2020 to save yourself from rising rents and own your...READ MORE
Please enjoy this quick update on what happened this week in the housing and financial markets. Investors are increasingly worried about the spread of the coronavirus outside China. Concerns over the economic impact of the virus are helping rates remain low. Producer prices increased by the most in more than a year in January, but most of the uptick appeared to reflect temporary price swings instead of an underlying increase in inflation. Jobless claims rose modestly last week, suggesting sustained labor market strength that could help support the economy amid risks from the coronavirus. Builder...READ MORE
FICO Launches New Credit Scoring Model (FICO 10): What does this mean for your mortgage qualification?
FICO Launches New Credit Scoring Model (FICO 10): What does this mean for your mortgage qualification? The short answer: Nothing. While the FICO 10 scoring model is being rolled out this year, most mortgage lenders will not utilize this version for qualification for some time. Read on for full details. FICO 10 Credit Scoring Model Just recently announced, FICO is launching a new scoring model coming summer of 2002. This new model is called FICO Score 10. It will take into account a consumer’s account balances and missed payments over the last two years. With these new changes, many Americans will likely see their credit scores...READ MORE
Please enjoy this quick update on what happened this week in the housing and financial markets. Fed Chair Powell gave his semi-annual testimony before Congress. He said the Fed is "closely monitoring" the coronavirus for potential effects on the worldwide economy. Investor fears of the global economic impact of the coronavirus have helped keep mortgage rates low. As fears ebb, it will likely pressure mortgage rates higher. Despite stronger than expected jobs data late last week, mortgage rates continue to hold steady. The jobs data showed a strong labor market with increasing wages. Near-record...READ MORE
In 2017 and 2018, Greenway Mortgage was awarded Best Mortgage Company in Monmouth County, NJ by the Asbury Park Press' Reader's Choice Awards.